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December 22, 2015

Longtime CEO retires from The Eastern Co.

Leonard F. Leganza will retire from his positions as the chairman, president and CEO of Naugatuck-based The Eastern Company effective Dec. 31. Leganza, 85, had headed the company since 1997 and served as board chair since 2006.

James A. Mitarotonda will succeed Leganza as board chairman. August (Gus) Vlak will serve as president and CEO, effective Jan. 1. Leganza will remain as a member of the board until the expiration of his term as a director at the 2017 annual meeting of shareholders.

Laganza is a CPA who practiced with Ernst & Ernst (now Ernst & Young) for several years. He also served as a director, executive vice president and CFO of Scovill Inc. for 20 years.

Mitarotonda, 61, is the chairman, president and CEO of Barington Capital Group L.P., an investment firm. Vlak, 49, has been a management consultant and, most recently, a senior advisor to Barington Capital Group.

The Eastern Company is a 157-year-old manufacturer of industrial hardware, security products and metal castings. Its sales for the third quarter of 2015 were $36.2 million, compared to $35.8 million for the same period in 2014. Net income for the third quarter was $2.5 million, or 41 cents per diluted share, compared to the $2.4 million, or 39 cents per diluted share, reported in the third quarter of 2014.

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